Current Debts:

Credit Card: -994.25
Bank Loan4,892.45

Current Debt Total: -5,886.70

So…I kind of feel like I’m crushing it right now. Not really because of anything I’ve been doing, but mainly because it feels like I’ve been really damn lucky. Since the last entry, I have killed 2,042.93 in debt. It’s been just over a month.

It’s been a wild ride. I know what you’re thinking: a variable income earner having ups and downs? No way!

But seriously. I settled an Employment Standards Act case with a previous employer and used half that money to pay down my credit card bill. I saved the other half to build myself a bit of a cushion. Then, I got fired from a serving job, booked a voice gig, got a sweet tax return, and contracted Hand, Foot, and Mouth disease. The last one has nothing to do with money, it just gives you an idea of the ups and downs I’ve been riding.

Some of these things are plannable, most are kooky dooky flukes. But I thought it might be useful to examine them to see which ones are repeatable or plannable.

  • Settling an Employment Standards Act violation out of court
    • This one isn’t really plannable, but I will say, when your (or other workers’) rights are being violated, speak the eff up. Even though it will certainly not guarantee financial gain, it will feel right.
    • Sidebar: if you feel you or your colleagues are having their rights violated, check out the ESA guide or speak to the Workers’ Action Centre or the Parkdale Community Legal Society. There are some badass folks at these organizations.
  • Getting fired.
    • I would say avoid this one…generally not great for income. But it does happen. And we, as variable income earners tend to have mega strong hustle. This one is easier if you have an Oh Shit! fund. I didn’t this time, so I called on my powers of hustle and networking to find extra gigs.
  • Booking a commercial voice gig
    • Oh man, if I could find a way to make this one a reliable source of income…well, that’s what I (and so many of you) are working on. Let’s just keep plugging away, folks.
  • Getting a sweet tax return/unlocking my tax savings
    • Finally, something that is actually plannable! I usually get a pretty sweet tax return because I’m meticulous about keeping my receipts. Also, as a financial literacy teacher/actor/writer/producer/server/French teacher/exercise teacher/childcare worker/administrator, you’d be hard pressed to find an expense in my life I can’t claim as a deduction. If you have questions about claiming deductions, check out this link. Save your itemized receipts, folks.
    • As for the tax savings, both Chris and I like to do what we call “fear saving” for taxes. Throughout the year, we set aside more than we need to on our self-employed income and put it in a taxes-only account. Once we have filed our taxes, there is usually money left over in this account that we now know we can use. Cha-Ching! To get an idea of what you might want to put away for taxes, check out this Simple Tax calculator:

Being self-employed is a bonkers journey, and we so many ups and downs. I’m still working towards regaining the sense of financial stability I had previously built for myself. But the waves will come, and when they do, our job is just to surf them, and plan as best as we can while we’re riding those gnarly A-Frames. This way, we’ll make the bombs feel like ankle busters. (PS I learned all my surfer slang here.

Emily Nixon

Emily Nixon

Rags to Reasonable Community Outreach Coordinator

Emily Nixon is an actor/writer/director/filmmaking Swiss Army Knife. She is also a big money nerd and Community Outreach Coordinator for Rags to Reasonable.

She came to this work after becoming completely fed up with living paycheque-to-paycheque and being too afraid to look in her chequing account. She is passionate about empowering other artists and variable income earners to keep doing what they love and feel confident about their finances.

Email Emily at emily@ragstoreasonable.com

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